年金化：持续一生的退休收入

The Geneva AssociationThe Geneva Association is the leading international insurance think tank for strategically important insurance and riskmanagement issues. The Geneva Association identifies fundamental trends and strategic issues where insurance playsa substantial role or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress inthe understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leadingvoice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding ofThe Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) fromthe world’s top insurance and reinsurance companies. It organises international expert networks and managesdiscussion platforms for senior insurance executives and specialists as well as policymakers, regulators and multilateralEstablished in 1973, The Geneva Association, officially the International Association for the Study of InsuranceEconomics, is based in Zurich, Switzerland and is a non-profit organisation funded by its members. www.genevaassociation.org@TheGenevaAssocuncertainty in the modern economy.organisations. Annuitisation: Retirement IncomeThat Lasts a LifetimeAn insurance solution to people outlivingtheir retirement savingsRonald Klein, Director, Global Ageing research programmeThe Geneva Association Annuitisation: Retirement Income That Lasts a LifetimeAn insurance solution to people outliving their retirement savingsPublished by The Geneva Association—International Association for the Study of Insurance Economics, Zurich.The Geneva AssociationThe Geneva Association—International Association for the Study of Insurance EconomicsTalstrasse 70, CH-8001 ZurichEmail: secretariat@genevaassociation.org | Tel: +41 44 200 49 00 | Fax: +41 44 200 49 99 2www.genevaassociation.org@TheGenevaAssoc© The Geneva AssociationCover page—JPA, Shutterstock. June 2018Photo credits: ContentsAcknowledgementsForewordExecutive summaryPart 1: The U.S. systemPart 2: The U.K. systemPart 3: The Swiss systemPart 4: Conclusions 3Annuitisation: Retirement Income That Lasts a Lifetime4568141922 4www.genevaassociation.orgAcknowledgementsWe would like to thank the members of The Geneva Association's Global Ageing Working Group for their insight, expertiseand support in preparing this paper: Naomi Bazak (Manulife Financial); Marie-Neige Couriaut (AXA); Yanela Frias(Prudential Financial); Hiroki Hayashi (Nippon Life Insurance); Noriyoshi Hosokawa (Dai-ichi Life); Richard Jackson (GlobalAging Institute); Stefan Kroepfl (Zurich Insurance); Mike Mansfield (AEGON); Jessica Mosher (OECD); Christoph Nabholz(Swiss Re); Alf Neumann (Allianz); Bryan Pickel (Prudential Financial); Achim Regenauer (Partner Re); Cord-Roland Rinke(Hannover Re); Fred Tavan (Sun Life Financial). @TheGenevaAssoc ForewordAnnuitisation: Retirement Income That Lasts a Lifetime 5It is extremely demotivating for the population of a country to watch the elderly lapseinto poverty. For this reason, as the economy of a country develops, programmesthat mitigate old-age poverty become increasingly important. Different cultures andpolitical environments cause countries to adopt different social insurance and pensionprogrammes and different pension legislation. High on the list of these programmes aregovernment-provided social retirement plans, known as Pillar I; incentives for increasedsavings into occupational pension plans or Pillar II; and personal savings with tax-deferredbenefits, called Pillar III.With people living longer and fertility rates declining, there is extreme pressure on mostPillar I programmes, causing a reduction in benefits, an increase in contributions, or both.As a consequence, the focus is shifting towards Pillar II pension plans.This paper provides a case study of the Pillar II programmes for three developed markets:the U.S., the U.K. and Switzerland. The goal is to explore what works well and what doesnot work well in markets using different approaches. It is clear that there is no one-size-fits-all answer. Examining programmes from other countries is key to making the correctadjustments to any country’s own Pillar II programme.Nobel Prize-winning behavioural economist Richard Thaler said in his book entitledNudge: Improving Decisions About Health, Wealth, and Happiness:“The combination of lossaversion with mindless choosing implies that if an option is designated as the ‘default’, itwill attract a large market share. Default options thus act as powerful nudges.”1This paperrecommends that the default options for Pillar II programmes should be based upon threebroad principles: automatic enrolment, automatic escalati